Vectren retirees who filed a class-action lawsuit concerning the worth of their retirement plans have settled with the Evansville-based company.

There were 17 plaintiffs, 16 of whom are still living. Roots of their complaint date to 2000, when the former SIGECO (Southern Indiana Gas and Electric Co.) became a subsidiary of Vectren.

SIGECO salaried employees had their retirement plans moved to Vectren's nonunion retirement plan. They were given a choice of continuing to have their benefits calculated under a traditional formula SIGECO had used, or switching to a cash-balance plan.

Plaintiffs, who began speaking to attorneys in 2013, alleged that Vectren knew the cash-balance formula would save the company money and reduce future liability, so employees were given information aimed at steering them into making that choice.

The case in U.S. District Court was filed in 2015.

Plaintiffs thought that Vectren made misleading statements to them, but Lane Siesky, attorney, said it was difficult to prove that those statements were intentionally misleading or part of pattern by the company. He also noted the years-old roots of conversations in question.

That's why the litigation moved to settlement talks, Siesky, of Evansville, said Tuesday in summarizing the case before Judge Richard Young.

Derek Molter, an Indianapolis attorney representing Vectren, told Young the company did nothing wrong.

"The mere fact that Vectren offered a choice (of retirement plans) is inconsistent with any notion of fraud," Molter said.

Both attorneys, however, said they were content with the case settlement. Talks on a settlement began in 2016, and under the terms approved by Young, plaintiffs and their estates will altogether receive $36,550 in incentive awards.

About 150 other people who worked for Vectren also benefited to varying degrees from the settlement agreement, Siesky said.

Vectren also will pay $122,199 in attorney fees and $66,250 in other court costs, such as for expert witness fees.

The settlement states that plaintiffs "expressly acknowledge that, after substantial discovery, they found no evidence of fraud or intent by Vectren to mislead former SIGECO Plan participants" about retirement options.

"This was a complex, difficult litigation that went on for a lengthy period of time," Young said.